New research[1] from wealth manager Quilter, gathered by YouGov, has shown that Brits saved almost £4bn[2] as a result of the Omicron variant disrupting social plans during the festive period.
The identification of the new variant and the subsequent surge in positive cases caused many to put festive plans on hold this year, resulting in 35% of people saving money, with an average saving of £212 per person.
1% of people cancelled bigger plans over Christmas, resulting in savings of over £1,000. Overall UK adults saw total savings amount to approximately £4bn.
The data also revealed that those aged 25-34 saw the biggest savings, with 41% saying they had saved money on socialising during the festive period following the Omicron variant’s emergence. Previous Quilter research[3] in 2020 found that 18–30-year-olds are the most likely to be saving more money as a result of the pandemic with almost 48% saying they had put more money aside following the first lockdown.
With the cost of living crisis looming as we move into 2022, many will no doubt be thankful to have pocketed a few extra pounds this festive season.
|
|
Age |
||||
|
Savings |
18-24 |
25-34 |
35-44 |
45-54 |
55+ |
|
£1 to £50 |
9% |
9% |
8% |
9% |
6% |
|
£51 to £100 |
8% |
11% |
8% |
7% |
6% |
|
£101 to £200 |
7% |
8% |
11% |
10% |
8% |
|
£201 to £300 |
3% |
5% |
4% |
5% |
4% |
|
£301 to £500 |
2% |
3% |
3% |
3% |
3% |
|
£501 to £750 |
2% |
2% |
>0% |
>1% |
<1% |
|
£751 to £1000 |
3% |
2% |
>0% |
>1% |
<1% |
|
More than £1000 |
2% |
1% |
2% |
0% |
<1% |
|
Total % who saved |
36% |
41% |
36% |
36% |
30% |
|
Did not save money |
64% |
59% |
63% |
64% |
71% |
Emma Prince, financial planning expert at Quilter said:
“Many people found their festive plans scuppered this year as a result of the Omicron variant, whether that was as a result of catching Covid themselves, or cancelling plans in order to avoid the virus ahead of seeing friends and family on the big day.
“With a huge £4bn saved over the festive period, many may now be sitting on unexpected savings for which they have no plans. If this is the case, the New Year could be the perfect time to take stock and plan your finances – particularly with the threat of the cost of living crisis looming.
“Being in control of your finances enables you to manage them more effectively, and eliminates the pressure of worrying about money as you have the sense of security that comes with knowing how much you have available to spend.
“There will always be times throughout the year where expenditure will vary, so having well managed finances will allow you to be prepared, regardless of what changes may happen along the way – as was the case for so many during this festive period.”
[1] YouGov research conducted for Quilter. Total sample size was 2069 adults. Fieldwork was undertaken online between 23rd – 25th December 2021. The figures have been weighted and are representative of all UK adults
[2] YouGov research conducted for Quilter. Total sample size was 2069 adults. Fieldwork was undertaken online between 23rd – 25th December 2021. The figures have been weighted and are representative of all UK adults. Total savings calculated by Quilter using median savings figure. Total UK adult population calculated by Quilter using ONS estimated population data Estimates of the population for the UK, England and Wales, Scotland and Northern Ireland - Office for National Statistics (ons.gov.uk).
[3] Survey conducted by Toluna on behalf of Quilter between 27-30 April 2020 with 1014 UK adults
